FEATURES

How do you cope with the short term while continuing to address what is critical for the long term? Five firm leaders—Norm Bacal of Heenan Blaikie, Carl Barton of Holland & Hart, Mark Foster of Stinson Morrison Hecker, Patrick Lamb of Valorem Law Group and John Robertson of Hartzog Conger Cason & Neville—talk about the challenges and the opportunities that today’s raft of changes are presenting.

With traditional compensation systems under scrutiny, more firms are wondering how to take better care of their best producers. Meanwhile, firms with bonus structures already in place find they’re at an advantage when it comes to motivating and retaining top talent.

Some may advocate passing the reins immediately to avoid “lame-duck syndrome,” but it takes much more than a few days for incumbents to pass on their accumulated wisdom. Here are action steps the incoming and outgoing leaders should address—together.

It’s the perfect storm. The crush of baby boomers reaching retirement age will hit law firms’ shores right on top of the giant waves created by the economy’s tumble. It’s the perfect time to shed outmoded retirement plans.

Five Things

Tips for ensuring you aren’t left out in the cold when clients’ needs change.

By Martha E. Candiello

Web Only Content

Watch for new features and podcasts in LPM's monthly webzine, Law Practice Today. Click here to subscribe for free. We've added product reviews, a column for Mac users, a space where practice management advisors answer questions and more!

Planning a fresh start for your practice? You’ll find helpful articles and links to dozens of useful resources to help get your practice off to a good start in the “Suddenly Solo” special edition of LPM’s Law Practice Today webzine. Pass it along. Subscriptions are free at www.lawpracticetoday.com.